Rent to Homebuy
‘Rent to Homebuy’ is a new scheme to support first time buyers
into affordable home ownership by renting first and buying
later.
The rent will be payable at a discounted rate for a set period
of two years, after which, the tenant will have the option to buy a
part share in the home. Rent will be charged at 80% of the open
market value.
In saving 20% of the rental value it is hoped first time buyers
will have the opportunity to save enough money for a deposit and
the other costs involved in buying your first home. An additional
incentive of up to £4,000 cash back after the rental period.
The purchase of the property would then be done through the
Shared Ownership scheme. The buyer would be able to decide what
percentage share of the property (minimum 25%, maximum 75%) they
could afford and then pay rent on the remaining share.
The tenure would be on an Assured Shorthold Tenancy and would
benefit from all aspects of a market rental.
All applicants initially have to register with the Homebuy
agents (Moat Housing) and Medway Homechoice and meet the criteria
on affordability and housing need.
For more information please call
01634 354230.